Friday, June 3, 2011

Daily Dow Jones: A Breakdown Below Downward Channel Will Drive Index Lower Towards 11900, 03-06-2011

Wall Street outlook: Dow Jones: Taking cue from the May job data
Fresh signs the U.S. economy has hit a soft patch have led economists to expect a disappointing May jobs report tonight. Economists polled by MarketWatch expect payroll growth decelerated to 125k jobs from a healthy 244k in April.

Hence, a better-than-expected report are likely to trigger a technical bounce from current oversold positions towards strong resistance zones of 12460 (50-d SMA) and 12519 (mid Bollinger band). However, a dismal payroll will likely drive the index lower towards supports of 12131 (120-d SAM) and the 12k psychological level. The next support levels are 150-d SMA of 11950 points and 200-d SMA of 11631.

Daily Dow Jones: A Breakdown Below Downward Channel Will Drive Index Lower Towards 11900
FBM KLCI 03-06-2011


Source: StockCharts.com

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